Cathie Wood of ARK Invest Accuses SEC Chair Gary Gensler of Hindering Bitcoin ETFs
The CEO of ARK Invest asserts that the U.S. Securities and Exchange Commission (SEC) Chairman is obstructing the approval of a Bitcoin (BTC) spot market exchange-traded fund (ETF)
In a recent interview with cryptocurrency influencer Natalie Brunell, Cathie Wood, the CEO of ARK Invest, highlighted that certain segments within the SEC exhibit a deep understanding of Bitcoin. However, Wood pointed out a noticeable "disconnect" within the agency, particularly under the leadership of Gary Gensler.
Wood stated, "[The SEC] possesses significant knowledge and expertise, and I believe this issue primarily stems from Gary Gensler's stance. I cannot state this definitively because such statements cannot be made by the SEC. But based on our discussions with them, it's clear that they truly comprehend Bitcoin and recognize its intrinsic value."
Furthermore, Wood expressed her belief that the SEC is on the verge of approving not just one, but multiple Bitcoin spot ETFs. She questioned Gensler's decision to allow a Bitcoin futures ETF, which entails counterparty risk, while delaying the approval of a Bitcoin ETF, which does not involve such risk. Wood emphasized that ARK Invest's proposed ETF would be fully backed by Bitcoin, held one-to-one in secure cold storage at Coinbase.
Wood concluded by suggesting that Gary Gensler's stance on Bitcoin might be revisited, possibly influenced by emerging research findings presented to SEC Commissioners. She anticipates that the SEC's approval may extend beyond a single Bitcoin ETF.
Oct 16, 2023